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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: Next move .... if any

I would close the AF cards.    Then I would wait until the BK is off the CR.    Then pick what you want.

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nigel11
Posts: 15
Registered: ‎12-30-2009
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Re: Next move .... if any



beamMeup wrote:

So, nigel, Can you earmark one of your current cards (i.e. one of your Cap One's) for internet shopping?  And earmark another (maybe the other Cap One) for your go-to real life spending?

And, if you're taking votes, I'd cast my vote for closing the AF cards.  You'll still have four cards open - that's plenty.  Opening a new cc isn't going to give you any FICO points and you may lose a few. 

 

And I love DI's idea of going in for a nice car wash when you get new car fever - smart!  For me, I look at my spreadsheet everytime I get car fever and it helps to get me excited about value-to-loan and such.  I love the concept of being car debt-free.  It makes my toes tingle!

 


 

Using the Cap1's for internet and real shopping is probably my best bet.  It looks like I would have to wait until my bankruptcy fell off to get a good rewards card anyway.  The only reason to apply for a new card now is to find one that would do CLI's on a somewhat regular basis as we all know Cap1 will not.  But as you said that is probably not even worth it.

 

And yes I suppose I am taking votes for closing cards.  I suspect it will be overwhelmingly in favor of closing Orchard and Credit1 but I am interested in everyones thoughts.

 

Also, it does feel awesome to have everything paid off ( except current car loan of course).  Thanks for the kind words from everyone.

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: Next move .... if any


nigel11 wrote:


beamMeup wrote:

So, nigel, Can you earmark one of your current cards (i.e. one of your Cap One's) for internet shopping?  And earmark another (maybe the other Cap One) for your go-to real life spending?

And, if you're taking votes, I'd cast my vote for closing the AF cards.  You'll still have four cards open - that's plenty.  Opening a new cc isn't going to give you any FICO points and you may lose a few. 

 

And I love DI's idea of going in for a nice car wash when you get new car fever - smart!  For me, I look at my spreadsheet everytime I get car fever and it helps to get me excited about value-to-loan and such.  I love the concept of being car debt-free.  It makes my toes tingle!

 


 

Using the Cap1's for internet and real shopping is probably my best bet.  It looks like I would have to wait until my bankruptcy fell off to get a good rewards card anyway.  The only reason to apply for a new card now is to find one that would do CLI's on a somewhat regular basis as we all know Cap1 will not.  But as you said that is probably not even worth it.

 

And yes I suppose I am taking votes for closing cards.  I suspect it will be overwhelmingly in favor of closing Orchard and Credit1 but I am interested in everyones thoughts.

 

Also, it does feel awesome to have everything paid off ( except current car loan of course).  Thanks for the kind words from everyone.



Any idea where your FICO's are right now?  It might be very helpful to see the progress with the utilization paid down, and it may help folks know if there's a rewards/growable card they could recommend to you.  I'm wondering if Alliant CU would work.  They do take old BK's - I can't remember right now how old - perhaps someone can chime in.  Barclays reward cards may take old BK's as well.  There's probably a few others.  Our local CU does a rewards card with old BK's - it's a cash back card. 

Just puttin' syrup on something, don't make it pancakes.
Member
nigel11
Posts: 15
Registered: ‎12-30-2009
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Re: Next move .... if any


beamMEup wrote:

Any idea where your FICO's are right now?  It might be very helpful to see the progress with the utilization paid down, and it may help folks know if there's a rewards/growable card they could recommend to you.  I'm wondering if Alliant CU would work.  They do take old BK's - I can't remember right now how old - perhaps someone can chime in.  Barclays reward cards may take old BK's as well.  There's probably a few others.  Our local CU does a rewards card with old BK's - it's a cash back card. 



I don't know exactly where my FICO scores are at right now.  I have been waiting for my accounts to report as I just finished paying a few of them off the last week or so of April.  I am really anxious to check the scores though.  How long should I wait?
And I think you were probably right in waiting on the new card, though I would like to get one that has the possiblity of CLI's as none of my current ones really do ( except for Dell I suppose).  I could probably live without a rewards one right now and wait until after bankruptcy has fallen off to apply for a really good one.
My best guess for FICO's is hopefully slightly above 700.  Best I can remember my scores were 690 or so 5 or 6 months ago with 60% to 70% utilization.  Can't wait to check.
Member
nigel11
Posts: 15
Registered: ‎12-30-2009
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Re: Next move .... if any

Well my impatience got the better of me and I pulled my EQ score.  I am now a member of the 700 club.  And by 700 club I mean EXACTLY 700.  To my suprise all of my accounts had already reported being paid down to $0.

 

Now, assuming I don't give in to impulses and get a new car at the end of the year what should my next steps be?  I would like to get a card that I can work the CL up on but if it is not going to necessarily help my score should I bother?

 

My current utiliztion shows at 1%.  Should I try and keep it up at 5% to 7% or does it really matter?

 

Also, if it matters, I do intend on purchasing a home around 3 years from now.  Atleast that is my current plan, lord knows it is always changing.

 

Thanks for reading and replying.  I really do appreciate it and all of the other very useful information in this community.

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: Next move .... if any

 


nigel11 wrote:

Well my impatience got the better of me and I pulled my EQ score.  I am now a member of the 700 club.  And by 700 club I mean EXACTLY 700.  To my suprise all of my accounts had already reported being paid down to $0.

 

Now, assuming I don't give in to impulses and get a new car at the end of the year what should my next steps be?  I would like to get a card that I can work the CL up on but if it is not going to necessarily help my score should I bother?

 

My current utiliztion shows at 1%.  Should I try and keep it up at 5% to 7% or does it really matter?

 

Also, if it matters, I do intend on purchasing a home around 3 years from now.  Atleast that is my current plan, lord knows it is always changing.

 

Thanks for reading and replying.  I really do appreciate it and all of the other very useful information in this community.


I can tell you it feels good to not have a car note!  My car has been paid off ever since January '10. It's still working just fine without major problems.  I'm keeping it until the wheels fall off or until I become wealthy.  Since I'm in South Florida where a hurricane can hit and wipe us out, material things are not a biggie to me. 

Member
nigel11
Posts: 15
Registered: ‎12-30-2009
0

Re: Next move .... if any


DI wrote:

I can tell you it feels good to not have a car note!  My car has been paid off ever since January '10. It's still working just fine without major problems.  I'm keeping it until the wheels fall off or until I become wealthy.  Since I'm in South Florida where a hurricane can hit and wipe us out, material things are not a biggie to me. 



That is exactly what I was originally planning on doing with my new SUV.  Buy exactly what I want - model, color, features, etc. then keep it until it rusts apart.  I have never done that with a vehicle, I have always purchased what was good enough to get me by for now.  Though I admit, my current car is perfectly capable of getting me by.  And that is probably what I will do, pay it off and see what it feels like to go without a car payment for a while before deciding whether or not to committ to a new payment.  

 

Between your hurricanes, my tornadoes, the south's flooding and all of the other crap we all deal with material things should not be a biggie to anybody.  Unfortunately this being America, they are.

 

And thanks again for the push about scrapping the new vehicle.  Between you and all of my friends trying to convince me to be rational and keep my 32k mile car maybe I will get the hint.  Though we all know purchasing a new car is not about being rational.

Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
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Re: Next move .... if any

32k?  I'm constantly rationalizing keeping mine at 125k.  I've decided I'll get a new-to-me car around 200k or when I need something major.  Oh, or when I qualify for the subsidized lease at my job at a car manufacturer...who am I kidding, if I waited until then, my car would have 300k on it...


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Member
nigel11
Posts: 15
Registered: ‎12-30-2009
0

Re: Next move .... if any

[ Edited ]

mauve wrote:

32k?  I'm constantly rationalizing keeping mine at 125k.  I've decided I'll get a new-to-me car around 200k or when I need something major.  Oh, or when I qualify for the subsidized lease at my job at a car manufacturer...who am I kidding, if I waited until then, my car would have 300k on it...


Yeah, its definitely not the reliability of the car that makes me want a new one.

 

Debate running through my head...

 

Side One: I want to purchase a home in around 3 or 4 years.  If I keep my current vehicle I will surely be really wanting a new one around that time.  That would mean signing up for a new SUV payment and a mortgage right around the same time.  Not a good situation. Though I would be able to save quite a bit of money in the mean time not having a car payment. 

 

Side Two: If I purchase my new SUV now ( end of the year ) I can hopefully have it paid off in time to purchase a home in 3 or 4 years.  Hopefully I am happy enough with my SUV that I could drive it until the wheels fall off saving me a car payment for a while.  The downside is I would be continuing to make car payments for the next 3 to 4 years therefore saving up less for a deposit on a home.  Plus SUV's are cool and if you give me enough time I am sure I could think of atleast 1 reason why I need one.

 

Anyway back to my original topic.

 

I intend to close both my CreditOne Bank card and my Orchard Bank card.  I will keep both Cap1's and Walmart.  I then want to get a card from a top tier bank that has high probability of CLI's if that is at all possible.  

 

My EQ score is exactly 700 with an 8 year old BK.  Any recommendations on a card to apply for anyone?

 

 

Again, sorry for the long winded rambling.

Member
Henry82
Posts: 8
Registered: ‎03-05-2010
0

Re: Next move .... if any

[ Edited ]

Upgrading to an SUV will more then likely cost you more on a monthly basis and could possibly cost you more in fuel on a weekly basis. Paying off your current vehicle and saving for the house down payment would be the way to go imo. Also depending on how far you drive each year your current car could still be under 100k miles in 3-4 years.

 

Closing the Credit one and the Orchard card is a good idea but make sure you close it with a $0 balance and then check it often because some of the rebuilder cards also like to charge monthly fee's and all kinds of other stuff so you could end up oweing them money even after you closed the account. I dont know if Orchard or Credit one charge the extra fee's but i know First Premier does.

 

You also may be able to call Capital One and have one of your cards changed to something better if they will allow it.  You could also try to convince them that you've closed two cards to focus more of your spending habits on there cards and thus would like a CLI.


Starting Score: 646 2/8/10
Current Score: EQ : 763 3/12/11
Goal Score: 800


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